Final Results
July 20 2006 - 10:57AM
UK Regulatory
RNS Number:5196G
Ashpol PLC
20 July 2006
Group income statement (unaudited)
Year ended Period ended
24 March 24 March
Note 2006 2005
#'000 #'000
Revenue 7,634 3,537
Cost of sales (466) (133)
Gross profit 7,168 3,404
Administrative costs 1 (7,976) (299)
Profit on disposals of investment properties 42,453 4,488
Profit on disposal of subsidiary undertaking - 1,507
Profit from operations 41,645 9,100
Finance income 2,791 487
Finance costs (9,276) (2,688)
Profit before tax 35,160 6,899
Tax expense 2 974 (265)
Profit for the year 36,134 6,634
All amounts relate to continuing activities.
The profit for the year is attributable to the equity holders of the company.
All recognised income and expense in the current and prior year is included in
the income statement.
Group balance sheet (unaudited)
Year ended Period ended
24 March 24 March
2006 2005
#'000 #'000
Assets
Non-current assets
Investment properties 3 93,023 94,675
Current assets
Trade and other receivables 22,697 12,032
Cash and cash equivalents 50,567 23,234
73,264 35,266
Total assets 166,287 129,941
Liabilities
Current liabilities
Trade and other payables (5,607) (6,319)
Corporation tax liability tax (293) (961)
(5,900) (7,280)
Non-current liabilities
Financial liabilities 4 (110,011) (75,000)
Deferred tax liability - (974)
(110,011) (75,974)
Total liabilities (115,911) (83,254)
50,376 46,687
Net assets
Equity
Share capital 7,378 48,010
Share premium reserve 7,069 7,069
Capital redemption reserve 42 42
Equity conversion reserve 8,187 -
Retained earnings 27,700 (8,434)
Total equity 50,376 46,687
Included within total equity at 24 March 2005 was an amount of #40,632,000 in
respect of non-equity interests of which #39,570,000 are convertible into equity
shares. The balance of #6,055,000 relates to equity interests.
Group cash flow statement (unaudited)
Year ended Period ended
24 March 24 March
2006 2005
#'000 #'000
Operating activities
Profit before tax 35,160 6,899
Profit on disposals of investment properties (42,453) (4,488)
Profit on disposal of subsidiary undertaking - (1,507)
Movement in receivables (7,215) 9,094
Movement in payables (7,430) (2,090)
Income taxes (668) (640)
Finance income (2,791) (487)
Finance costs 9,276 2,688
Impairment of goodwill 5,301 -
(10,820) 9,469
Investment activities
Proceeds from sale of investment properties 124,228 6,569
Acquisition of investment properties (78,421) -
Acquisition of subsidiary undertakings (965) -
Interest received 1,556 352
46,398 6,921
Financing activities
Interest paid (8,245) (722)
(8,245) (722)
Increase in cash and cash equivalents in the period 27,333 15,668
Notes to the preliminary announcement
Basis of preparation
The preliminary results for the year ended 24 March 2006 have been prepared in
accordance with International Financial Reporting Standards (IFRSs and IFRIC
interpretations) issued by the International Accounting Standards Board (IASB)
and with those parts of the Companies Act 1985 applicable to companies preparing
their accounts under IFRS. This is the first time the company has prepared its
financial statements in accordance with IFRSs, having previously prepared its
financial statements in accordance with UK accounting standards. The accounting
policies used have been consistently applied to all the years presented, unless
otherwise stated below.
First-time adoption
The group has elected to apply the following transitional arrangements permitted
by IFRS 1 'First-time Adoption of International Financial Reporting Standards':
* Business combinations effected before 24 November 2004, including
those that were accounted for using the merger method of accounting under UK
accounting standards have not been restated.
* Where the liability component of a compound financial instrument was
not outstanding at 24 November 2004, the portion of equity representing the
cumulative interest accreted on the liability component and the portion of
equity representing the original equity component of the instrument have not
been disclosed as separate components of equity.
Compliance with accounting standards
The financial statements of the group have been prepared in accordance with
applicable International Financial Reporting Standards (IFRSs) except:
* In respect of the application of the cost model of IAS 40 to measure
investment properties. The directors have not provided for depreciation on the
properties as they consider that, as the properties are held for investment
rather than consumption, systematic annual depreciation would be inappropriate.
This represents a departure from the Companies Act 1985 concerning depreciation
of fixed assets which the directors consider necessary for the financial
statements to give a true and fair view. The effect of this departure from the
Companies Act 1985 has not been quantified because it is impracticable and, in
the opinion of the directors, would be misleading.
* In respect of the requirement of IAS 40 that the fair value of
investment properties at the year end be disclosed in the financial statements.
The directors do not believe the additional information this would provide
justifies the cost of the valuations and have therefore omitted to provide this
disclosure
The financial information contained in this preliminary announcement does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. Full audited accounts for the year ended 24 March 2006 will be
delivered to the Registrar of Companies and shareholders in due course.
The auditors' report on the statutory accounts for the year ended 24 March 2006
is expected to be qualified as a result of non-compliance with IAS 40.
The financial information for the year ended 24 March 2005 is extracted from the
audited financial statements to that date which have been delivered to the
Registrar of Companies. The auditors' report on those statutory accounts was
qualified as a result of non-compliance with SSAP 19.
1. Administrative costs
Administrative costs include impairment of goodwill of #5,301,000 (2005 - #Nil) and a charitable
donation of #2,307,000 (2005 - #Nil).
2. Taxation on profit on ordinary activities Year ended Period ended
24 March 24 March
2006 2005
#'000 #'000
Current tax - current tax on profit for the period - (164)
Current tax - adjustment to prior year items - (54)
Deferred tax - origination of timing differences 974 (47)
974 (265)
3. Fixed assets - investment properties 24 March 24 March
2006 2005
#'000 #'000
Balance at 25 March 2005 94,675 115,523
Additions 80,123 2,484
Disposals (81,775) (23,332)
Balance at 24 March 2006 93,023 94,675
4. Financial liabilities 24 March 24 March
2006 2005
#'000 #'000
10 3/4 % 1st Mortgage Debenture Stock (75,000) (75,000)
10% Cumulative Preference shares of #1 (1,062) -
5 3/4% Convertible Preference shares of #1 (32,247) -
Finance lease creditor (1,702) -
(110,011) (75,000)
The group has presented the 53/4% convertible preference shares and the 10% cumulative preference
shares in accordance with the requirements of IAS 32. The exemption permitted not to restate
comparative amounts has been adopted.
5. Net debt
Year ended Period ended
24 March 24 March
2006 2005
#'000 #'000
Repayable as follows:
After more than five years (110,011) (75,000)
Cash and cash equivalents 50,567 23,234
Net debt (59,444) (51,766)
6. Company Information
Directors D McGrath
L Noe
M P Sheppard
I Smith
Secretary A M Jacobs
Registered Office 5 Wigmore Street
London
W1U 1PB
Registered Number 104394
This information is provided by RNS
The company news service from the London Stock Exchange
END
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